A year-and-a-half ago, Ken Griffin was having some second thoughts about leasing the most expensive office space in the world. I mean, $300 per square foot is a lot under any circumstances, but especially so when it’s not even for your headquarters and your need for additional square feet at that rate is growing exponentially, while the timeline for completing it is slowing glacially.
Since then, however, things have changed. Illinois’ wealthiest man appears to be planning to spend more time on the East Coast, where he’s built up something like three quarters of a billion dollars’ worth of places to rest his weary head, including the most expensive home in the entire United States and a nine-figure beach getaway in the vicinity of those very pricey, very delayed square feet in the very place he fought tooth and nail to keep his ex-wife from living, New York. And so Griffin is apparently content to wait patiently for the flashiest offices in all Manhattan and beyond, if not for world domination in investment banking.
While Citadel Securities waits for the ultra-luxury, 47-story tower to be completed, it is expanding its footprint at 350 Park Avenue, where it is close to signing a deal for about 120,000 square feet. The lease is expected to last roughly three years, giving the company time to continue to add staff there while work continues on 425 Park Avenue, about four blocks away.
Citadel Securities expands New York Footprint [Crain’s Chicago Business]